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Golden Peaks Resources Ltd. Closes $543,813 Financing

December 28, 2011

December 28, 2011 - Vancouver -- Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to announce that it has completed a non brokered private placement (the "Private Placement") of 1,812,710 units (each a "Unit") at a purchase price of $0.30 per Unit to raise aggregate gross proceeds of $543,813. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.50 per share until 24 months after the date of closing of the Private Placement.

Proceeds from the Private Placement will be used for exploration and development on the Company's Indonesian properties and for working capital and general corporate purposes.

All securities issued in connection with the Private Placement will be subject to a four month hold period expiring April 29, 2012.

The company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia.

The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).

The company is active on four of its five Indonesian gold projects; currently drilling on the Tanoyan Gold Project and conducting surface exploration programs on the Palopo Gold Project, the Kapa Kapa Gold Project and the Roko Gold Project. All of the projects have easy access via paved and/or gravel roads and the regional infrastructure is good.

Media Information, contact:
Scott Emerson, President
SE@goldenpeaks.com

Investor Information, contact:
Mike Kordysz, Investor Communications
MK@goldenpeaks.com

The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

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